Under a different statute, Trump announced first a 10 percent global levy and then a 15 percent global levy, which could last five months while the administration looks for more lasting solutions.Trump on Monday renewed his Supreme Court condemnation and vowed to pursue other tariff powers and permits, but gave no details.
All three major stock indexes posted weekly gains Friday as markets adopted the Supreme Court’s decision and the Nasdaq snapped a five-week losing streak.
“The market is just experiencing some profit-taking as traders realize that Friday’s relief rally could be premature. You simply can’t bet against Trump. He wants tariffs, and he’s going to find a way to implement them,” said Thomas Hayes, chairman of Great Hill Capital LLC.
At 9:55 a.m. (ET), the Dow Jones Industrial Average fell 337.14 points, or 0.68%, to 49,288.83, the S&P 500 lost 25.11 points, or 0.36%, to 6,884.40 and the Nasdaq Composite lost 110.54 points, or 0.48%, to 22,775.53. The consumer staples index led declines across the 11 major S&P sectors, with Amazon.com and Tesla down about 2% each. The information technology index also fell 0.3%.
Earnings at major software companies including Salesforce and Intuit, whose shares have been hurt by fears of AI disruption, will be on the radar later this week.
The S&P 500 software and services index was last down 2.9% after falling nearly 23% so far this year.
Financials fell 1.5%, with private credit companies including Ares Management and KKR & Co falling the most.
Offsetting some losses, the health care sector rose 1%, while Eli Lilly rose 3.4% after rival Novo Nordisk’s obesity drug fell short of Lilly’s drug in a Copenhagen trial.
Nvidia climbed 1.8% higher than the quarterly figures that will be published on Wednesday. Commentary from the world’s largest company by market capitalization could provide key insights into the AI sector that has been hit by growing investor skepticism.
High stock valuations and fears of AI disruption have put pressure on tech and other sectors lately, as investors wonder whether the massive AI spending will pay off.
Domino’s Pizza climbed 4.6% after the fast-food chain beat Wall Street expectations for fourth-quarter U.S. same-store sales.
Meanwhile, Federal Reserve Governor Christopher Waller said he was open to leaving rates unchanged in March if February jobs data shows the labor market has strengthened after a weak start to 2025.
Traders currently expect the Fed to take the next step in cutting rates in June, according to the CME FedWatch Tool.
Issues outnumbered progressive investors by a 1.33-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.
The S&P 500 posted 31 new 52-week highs and 13 new lows, while the Nasdaq Composite posted 49 new highs and 140 new lows
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